AICPA Special News Update - October 22, 2013

William E. Balhoff, CPA, CGMA, Elected as Chairman of AICPA Board of Directors

William E. Balhoff, CPA, CGMA, was inaugurated Oct. 22 as the AICPA’s chairman of the board of directors for a one-year term ending Oct. 2014. His inaugural speech, The Quality Connection, explains that a relentless focus on quality – in the services our profession provides and the CPAs who perform them – is the surest way to continue our future success. Quality and integrity are the impetus behind Balhoff’s announcement to launch a new AICPA Center for Plain English Accounting, a one-stop, technical resource for small to midsize firms looking to manage complexity and provide high-quality accounting and auditing services. Read this Journal of Accountancy profile on Balhoff.

Sal Khan Shares Leadership Lessons on the Future of Learning

What started as a need to tutor his cousin, Sal Khan found a new learning model and founded Khan Academy. The website now draws 9 million unique users a month and supporters such as Bill Gates. Khan, an investment analyst turned social entrepreneur, shared his thoughts on sparking innovation, competing for talent with the likes of Google and Goldman Sachs and the magic of real mentoring with AICPA governing Council members during the Fall Council meeting. Read this Journal of Accountancy article for Khan’s leadership lessons.

Kenneth Bouyer, CPA, chairman of the AICPA National Commission on Diversity and Inclusion, announced Sunday that the commission will conduct a survey designed to gauge views on diversity and inclusion in the accounting profession. The recently formed commission also is developing a “road map” to help businesses and firms develop diversity initiatives. Read this Journal of Accountancy article for more information. University of North Carolina Professor James Johnson, Ph.D. addressed six disruptive demographic trends that will require change and how the accounting profession can evolve to incorporate those trends.

Council Members Hear Updates on Issues Affecting CPA Profession

Updates were provided on several important issues to the CPA profession, including management accounting, technology, financial reporting and tax. Arleen Thomas, CPA, CGMA, AICPA senior vice president management accounting and global markets, highlighted important milestones of the Chartered Global Management Accountant designation and addressed employers’ increasing appreciation for the value CGMAs bring to their organizations. Erik Asgeirsson, CPA2Biz CEO, gave an overview of the latest technology offerings and their impact on the evolution of CPA firms. David Morgan, chair of the Financial Reporting Framework for Small and Medium-Sized Entities Task Force, presented on marketplace adoption of the FRF for SMEs framework. Jeffrey A. Porter, CPA, chair of the AICPA Tax Executive Committee, discussed the committee’s mission and strategic priorities for the year to come.

AICPA Honors Profession’s Contributors and Influencers

The AICPA honored former Senator Bob Graham (D-Fla.) with the AICPA Medal of Honor. Established in 1980, the AICPA Medal of Honor recognizes individuals who are not CPAs whose work has had a significant impact on the profession. Graham was the 38th Governor of Florida, from 1979 to 1987, and a United States Senator from that state from 1987 to 2005. He also served on the AICPA’s Board of Directors as a public member from 2005 to 2013. Susan K. Whitelaw, CPA, of Shreveport, La., is the 2012 recipient of the AICPA’s Public Service Award for Individuals. Whitelaw presently serves as the annual support committee chair of the Arc of Caddo Bossier’s Foundation Board and as the board’s vice president. More information on all the award winners is available on the AICPA’s Press Center.

The AICPA's Annual Report covering August 1, 2012, through July 31, 2013, is now available on AICPA.org. This year's annual report, “Looking Forward, Reaching Out, Giving Back,” focuses on the CPA profession’s influence in transforming today’s complex and changing world into opportunities, while maintaining its deep commitment to community service and consumer education. The report highlights the profession’s accomplishments, captures the possibilities of the future and reflects on the vital roles CPAs play in the financial fabric of businesses and families throughout our nation and communities.